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Nov. 21, 2011, 2:41 p.m. EST

Focus Media plunges 40% on short-seller's report

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By Nicole Hong

SAN FRANCISCO (MarketWatch) -- Shares of Focus Media Holding Ltd. plummeted 44% after short-selling research firm Muddy Waters published a series of reports advising investors to bet against the Chinese digital-ad company. Focus Media shares last dropped $11.23, or 44%, to $14.28. Muddy Waters accused the company of overstating the number of TV screens in its network and of hiding losses by deliberately overpaying for acquisitions. Muddy Waters, known for targeting Chinese companies in North America for fraudulent accounting, also recommended shorting Canadian-listed Chinese companies Silvercorp Metals Inc. /zigman2/quotes/210397281/delayed CA:SVM -1.40% and Sino-Forest Corp. /zigman2/quotes/206079843/delayed CA:TRE +3.57% earlier this year.

/zigman2/quotes/210397281/delayed
CA : Canada: Toronto
$ 3.51
-0.05 -1.40%
Volume: 194,677
Oct. 5, 2022 12:00p
P/E Ratio
17.32
Dividend Yield
0.91%
Market Cap
$630.07 million
Rev. per Employee
$211,385
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/zigman2/quotes/206079843/delayed
CA : Canada: TSX Venture
$ 0.15
+0.0050 +3.57%
Volume: 500.00
Oct. 5, 2022 9:30a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.11 million
Rev. per Employee
N/A
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